Closing on 6 Unit Property Today

[Ben Fulcher]

Hello there my name is Ben. I have wanted to invest in real estate for close to a decade now, and it is time to start. My wife and I have gotten serious and found a 6 unit complex we will be closing on today for $146k. It is a decent deal cash flowing ~$400/mo. I was originally expecting close to 20% COC return, but that is down to 11% due to the change in lending standards due to covid. Our down payment doubled from what we had been quoted by the bank of 15% to 30%. They also wanted to amortize our loan of 15 years instead of 20. I completely understand the terms changes though, because I don't have a track record or a large personal financial statement.